Square Enix's Former CEO Yoichi Wada's New Role Explained

Recently, citing poor sales number, Square Enix's now former CEO Yoichi Wada stepped down from his position, but he hasn't left the company. Square Enix has offered an explanation of Wada's new role.

In a statement offered to Joystiq, Sqaure Enix explained why Wada showed up as a "chairman" on recent company forms.

"Yoichi Wada has left the management of Square Enix Holdings Co., Ltd and no longer has any role in the parent company. Currently, he is overseeing a portion of the business within Square Enix Co., Ltd (Square Enix Tokyo), one of the subsidiaries of the parent company. These businesses include emerging markets as well as social and mobile businesses."

Wada's new official title is Chairman for Square Enix Tokyo. According to Sqaure Enix, "He has no authority in terms of the management of the Group."